An employee works on the assembly line of intelligent machinery at a workshop on March 31, 2024 in Qingzhou, Weifang City, Shandong Province of China.
This is CNBC's live blog covering Asia-Pacific markets.
The Japanese yen strengthened by midday after hitting 160 against the U.S. dollar on Monday as stocks in Asia-Pacific markets largely climbed.
The yen gained about 2% to trade around 155 after weakening to 160.03 earlier in the session. On Friday, the Bank of Japan left interest rates unchanged. Japan's stock markets are closed for a public holiday.
Traders look toward the Federal Reserve's meeting this week, following another hotter-than-expected U.S. inflation reading Friday.
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March's core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago, and came in ahead of the 2.7% expected by Dow Jones. Personal spending rose 0.8%, ahead of a 0.7% estimate.
In Asia, China's official purchasing managers index for April is expected Tuesday ahead of the Labor Day holiday on Wednesday, along with Japan's industrial production and retail sales data from March.
Australia's S&P/ASX 200 was closes up 0.81% at 7,637.40, rebounding from Friday's losses.
Money Report
South Korea's Kospi rose 1.17% to end at 2,687.44, and the small-cap Kosdaq gained 1.51% to close at 869.72.
Hong Kong's Hang Seng index rose 0.66%, while China's CSI 300 added 1.11% to close at 3,623.91, hitting its highest level since Nov. 6, 2023.
U.S. stocks jumped Friday, with the S&P 500 and Nasdaq Composite recording their best week since November as Big Tech names rallied on strong earnings.
The S&P 500 advanced 1.02%, while the tech-heavy Nasdaq jumped 2.03%, marking its best session since February. The Dow Jones Industrial Average rose 0.4%.
— CNBC's Samantha Subin and Yun Li contributed to this report.
Shares of Asian shipping firms climb after drone engagement in Red Sea
Shares of shipping firms across Asia rose after U.S. Central Command announced it had engaged unmanned aerial vehicles over the Red Sea on Sunday.
A statement said the UAVs "presented an imminent threat to U.S., coalition, and merchant vessels in the region."
Shares of Japanese shippers Nippon Yusen, Kawasaki Kisen and Mitsui OSK Lines climbed between 2.12% to 3.77%, while South Korean shipping line Hmm was up 5.5%.
Hong Kong-listed Cosco Shipping Holdings inched up 0.21%, but sister company Cosco Shipping Energy Transportation climbed 3.38%. Fellow heavyweight Orient Overseas (International), or OOIL, gained 3.45%.
— Lim Hui Jie
Yen strengthens sharply after crossing 160 against the dollar
The Japanese yen strengthened sharply in afternoon trading, hours after the currency slid past the 160 mark against the U.S. dollar, hitting its weakest point in 34 years.
Since hitting that record, the yen strengthened against the greenback, trading at 155.43 at 2:12 p.m. local time. Japan's markets are currently closed for a public holiday.
There was no official indication of an intervention by Japanese authorities. But traders and analysts have been on intervention watch for the yen in recent weeks.
— Lim Hui Jie
Japanese yen weakens to 158 against the dollar
The Japanese yen weakened to 158.43 against the U.S. dollar, touching a fresh 34-year low.
On Friday, the Bank of Japan held interest rates steady at the end of its monetary policy meeting and said it will continue to conduct bond purchases in line with the March decision.
BOJ Governor Kazuo Ueda said later that day that if the yen moves affect Japan's economy then it could be a reason to adjust policy.
Japan's stock markets are closed for a public holiday on Monday.
— Shreyashi Sanyal
China's industrial profits post slower gains in first quarter
Industrial profits in China fell in March, slowing growth in the first quarter compared with the same period a year ago.
Industrial profits climbed 4.3% year-on-year in the January to March period, compared to a 10.2% year-on-year gain seen in the January and February period.
China reports its industrial profits data on a rolling year-to-date basis, and usually combines January and February economic data into a single reading.
A Goldman Sachs report calculated that China's industrial profits and revenue fell by 4% and 1.3%, respectively, year on year in March alone, compared to the 10.2% gain in profit and 4.5% rise in revenue in the combined January-February period.
— Lim Hui Jie
CNBC Pro: This Bitcoin miner and Nvidia AI cloud partner's stock could go up 50%, Berenberg says
A European company known for its bitcoin mining operations has recently transformed its business model to focus on cloud solutions and data center infrastructure.
The company's cloud division is certified as an "Elite" partner of Nvidia, making it one of the largest providers of Nvidia-based cloud services in Europe.
Investment bank Berenberg believes the stock could go up by more than 50%, as the market is largely overlooking the cloud division's potential.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: Buy this 'dirt-cheap,' top-rated dividend stock with a 4% yield, Morningstar says
There's one dividend stock that Morningstar says is "deeply undervalued" right now and which it's bullish on for the long term.
It also identified it as one of its top picks for next year.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Oil prices snap two-week losing streak
Oil prices rose on Friday to snap a two week losing streak, drawing support from concerns about tensions in the Middle East.
U.S. West Texas Intermediate crude futures rose 28 cents, or 0.34%, to settle at $83.85 a barrel. Brent crude futures rose 49 cents, or 0.55%, to settle at $89.50 a barrel. U.S. crude oil rose 0.85% for the week while the global benchmark gained 2.53%.
— Reuters
Google-parent Alphabet trades at all-time highs after earnings
Alphabet shares were trading at an all-time high Friday, jumping roughly 10% after the Google-parent posted first-quarter results that topped estimates. Additionally, the tech behemoth issued its first-ever dividend, as well as a $70 billion buyback.
Alphabet C shares rose to all-time highs going back to their special distribution on Apr. 2, 2014, when the non-voting share was created. It began trading on April 3, 2014. Separately, Alphabet A shares hit all-time highs going back to its public debut on Aug. 19, 2004
Here are some of the other S&P 500 names reaching fresh highs:
- Chipotle Mexican Grill trades at all-time high levels since its IPO in Jan. 2006
- General Motors trades at levels not seen since Mar, 2022
- Tractor Supply trades at all-time highs back to its IPO in 1994 after being taken private by an LBO in 1982
- Colgate-Palmolive trading at all-time high levels back to its first listing on the NYSE in 1930, the company was founded in 1806
- Goldman Sachs trading at all-time high levels back to its IPO in May, 1999
- M&T Bank trading at levels not seen since Mar, 2023
— Sarah Min, Chris Hayes
Dollar reaches new 34-year high against the yen
The U.S. dollar appreciated to 156.896 against the Japanese yen, marking the highest level since May 10, 1990, when the dollar traded as high as 157.21 against the yen.
Japan's benchmark Nikkei ended the week up 2.34% for its best week since March 22, when the Nikkei gained 5.63%.
— Hakyung Kim, Gina Francolla
